Help Identifying A 1911 Part

A friend of mine picked up a 'Franken-45' in trade the other day. It has a old Colt slide, an alloy frame marked S.E.M. Mfg and some odd two piece adjustable rear sight that flew off after about 20 rounds. The odd thing though is the slide release. instead of being the typical Colt style it has a pin through the pivot end that goes completely through with small teardrop shaped plastic pieces on both sides that are pinned on. the pin rotates only far enough until the 'point' of the plastic piece makes contact with the frame. Also there is a red dot on the side of the release. Anyway I could not figure out what it was for and unless the tiny roll pins that hold the plastic end pieces can be driven out I see no way to disassemble it. The up side was it shot very accurately - until the rear sight flew off. Anyone know what this odd slide release is all about? I'll get a picture up soon. Thanks.

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